Dow Jones Forecast Today 14/11: Eyes Set On 45K (Video)
Date
11/14/2024 2:32:53 PM
(MENAFN- Daily Forex)
The Dow Jones industrial average has been all over the place during the trading session, initially falling pretty significantly, then rallying, then falling again as we continue to undulate near the 44,000 level. This is an index that of course has had to wait for the consumer price index numbers to come out during the early hours of the day, which came in as expected. During the Thursday session, we will see the producer's price index numbers come out. But frankly, the PPI numbers tend to play second fiddle to the CPI number, so I'm not overly worried about it.
What I see here is a market that's trying to work off some of the excess froth. After all, after the election, we saw this market shoot straight up in the air, and now we've got to live with these gains.
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Traders typically will take a bit of a breather after this type of move and simply try to wait to see whether or not other traders will jump in with them. Given enough time and enough stability, traders will probably jump in and push this dow jones market higher . Even if we did pull back, I'm not overly concerned about this because I see multiple areas where buyers could step in.
The first one is the $43,800 level which served as a bit of support during the Wednesday session. But even if we were to break down below there, I think that the 43,350 level, the 43,000 level, the 50 day EMA at the 42,450 level, and then finally the 42,000 level, all could offer significant support. As far as the target is concerned, I don't see anything on this chart that tells me we can't get to the 45,000 level. And the market loves big figures, so I imagine we'll try to get there given enough time.
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